Midday Fly By: Salesforce targets $60B in revenue, TSMC reports Q3 beat

The major averages were little changed near noon as optimism around AI and chip earnings is fueling strength in tech and semiconductors. Taiwan Semiconductor’s better-than-expected results and upward revision of its annual guidance helped lift confidence across the supply chain, with names like Nvidia, Micron, and Broadcom reacting.

Banking names are also getting a boost after a string of solid Q3 results, helping lift the S&P 500’s financials index for its first three-day win streak in weeks. The expectation that the Federal Reserve will continue easing rates is underpinning risk appetite.

Looking to commodities, gold prices continue to spike, as the “safe haven” asset reaches for the $4,300 mark just weeks after passing $4,000. Oil prices are also higher after President Trump claimed India pledged to stop buying Russian crude, tightening global supply dynamics. 

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Salesforce (CRM) guided for over $60B in revenue by FY30, adding that it expects to buy back $7B in common stock in the next six months
• HP Enterprise (HPE) provided earnings and revenue growth guidance for FY26, boost its buyback by $3B, and increased its annual dividend 10%
• United Airlines (UAL) reported upbeat Q3 earnings but lower-than-expected Q3 revenue, adding that it plans to invest an additional $1B in the customer experience in 2026
• Travelers (TRV) reported better-than-expected Q3 earnings and revenue
• TSMC (TSM) reported upbeat Q3 results and provided Q4 revenue guidance

2. WALL STREET CALLS:

• T-Mobile (TMUS) upgraded to Overweight, named top carrier pick at Wells Fargo
• Lululemon (LULU) downgraded to Market Perform at Bernstein
• Las Vegas Sands (LVS) upgraded at JPMorgan, here’s why
• Cricut (CRCT) downgraded to Sell at Goldman Sachs
• TKO Group (TKO) upgraded at Seaport Research after pullback

3. AROUND THE WEB:

• GSK (GSK) CEO Emma Walmsley stated that the company’s involvement in the FDA’s effort to update the prescribing information for leucovorin is purely administrative, emphasizing that GSK has no commercial or scientific interest in the decades-old drug, STAT says
• F5 (FFIV) is blaming its cybersecurity attack on state-backed hackers from China, Bloomberg reports
• Citi’s (C) Strata Elite credit card launched over the summer and was meant to mark the company’s re-entry into the premium-card market, but instead customers are facing issues accessing their account, WSJ reports
• French telecom operator Orange (ORANY) is seeking to raise EUR 400M-EUR 500M by selling a stake of as much as 50% in its data center business, Bloomberg says
• Fourteen families of victims from last year’s Jeju Air crash in South Korea have filed a lawsuit against Boeing (BA) in the U.S, following an accident that killed 179 of 181 people on board, NY Times reports

4. MOVERS:

• Praxis Precision (PRAX) gains after announcing results from two Phase 3 studies of ulixacaltamide
• Ramaco Resources (METC) increases after Baird initiated coverage of the stock with an Outperform rating
• Endeavour Silver (EXK) higher in New York after achieving commercial production at its Terronera mine located in Mexico
• American Battery (ABAT) lower after publishing a pre-feasibility study on Tonopah Flats project
• Satellogic (SATL) falls after announcing a 27.7M share offering

5. EARNINGS/GUIDANCE:

• J.B. Hunt (JBHT) reported Q3 results, with EPS and revenue beating consensus
• Snap-On (SNA) reported Q3 results, with CEO Nick Pinchuk commenting, “Our Q3 was encouraging, as it demonstrates our continuing momentum in meeting and overcoming… trade turbulence these days”
• U.S. Bancorp (USB) reported Q3 results and provided guidance for Q4
• Charles Schwab (SCHW) reported Q3 results, with EPS and revenue beating consensus
• M&T Bank (MTB) reported Q3 results, with EPS beating consensus

INDEXES:

Near midday, the Dow was down 0.10%, or 47.47, to 46,205.84, the Nasdaq was up 0.08%, or 18.99, to 22,689.07, and the S&P 500 was down 0.09%, or 5.94, to 6,665.12.